The concept of unit elasticity in econometrics relates to changes in willingness of the seller to supply items and in the willingness of the buyer to consume items as price of the items change. Thus, if the price of an item decreases, a buyer may be willing to consume more units of the item. Conversely, if the price of the item increases, the buyer may be willing to consume fewer units of the item. By contrast, a seller of the item may be willing to supply more units of the item when the price increases and fewer units of the item when the price decreases.